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Les prix des actifs et la stratégie de politique monétaire de la BCE
[Asset prices and the monetary policy strastegy of the ECB]

Author

Listed:
  • Dai, Meixing
  • Sidiropoulos, Moïse

Abstract

Dans cet article, nous passons en revue les évolutions récentes des prix des actions et de l’immobilier ainsi que du taux de change de l’euro par rapport au dollar tout en expliquant les facteurs à l’origine de leurs fortes variations et en établissant leurs liens avec le cycle économique (croissance et inflation). Nous proposons ensuite, tout en apportant quelques points de vue qui nous sont propres, une synthèse du débat concernant la prise ou non des prix d’actifs dans la conduite de la politique dans une période caractérisée par une faible inflation et une forte volatilité. Après avoir comparé les stratégies différentes suivies par la Fed et la BCE, nous proposons que la BCE doit réagir plus rapidement en prenant plus en compte les informations données par les évolutions des prix d’actifs.

Suggested Citation

  • Dai, Meixing & Sidiropoulos, Moïse, 2003. "Les prix des actifs et la stratégie de politique monétaire de la BCE [Asset prices and the monetary policy strastegy of the ECB]," MPRA Paper 13833, University Library of Munich, Germany, revised Jul 2003.
    • Handle: RePEc:pra:mprapa:13833
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    politique monétaire; prix des actions; prix immobilier; euro; bulle spéculative; stabilité macroéconomique; crise boursière;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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